Both executives wholeheartedly defended the decision, and Beers strongly dismissed the criticism as a "smokescreen for the unhappiness ... about the decision." It's evident that they're not backing down.

Meanwhile, parent McGraw-Hill and its CEO Harold McGraw III have remained utterly silent. This serves two purposes: distancing McGraw-Hill's other branded divisions -- such as its education segment -- from the S&P backlash, and reinforcing its assertion that its subsidiary 's decisions about ratings are made completely independently.

Will S&P's PR strategy work? It's a unique situation, and S&P has many PR fronts to defend itself on: media, government, businesses, consumers and its own parent's shareholders. If its staunch defense of its position can appeal to the average American (as Donald Trump seems to think S&P's trying to do), they may yet come out in good shape.